Inflation likely rose in May, bouncing back after three months of declining as President Donald Trump's tariffs start to push up prices.

The University of Michigan’s closely watched Surveys of Consumers showed across-the-board rebounds from previously dour readings.

Consumer prices in the US rose less than anticipated in May, with limited evidence so far that President Donald Trump's tariff measures have had a material impact on inflation.

The latest Consumer Price Index report showed inflation rose slightly to 2.4%. Meanwhile, Trump said the U.S. and China have reached a trade framework. Follow along for live updates on the Dow, S&P 500,

The consumer price index, a broad-based measure of goods and services across the sprawling U.S. economy, increased 0.1% for the month, putting the annual inflation rate at 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%.

Producers of metals and other raw materials fell as traders weighed the implications of inflation data and a U.S.-Chinese trade negotiations. The U.S. consumer price index rose 0.1% in May, a more benign reading than anticipated.

U.S. stocks are drifting lower as momentum wanes from a big rally that had brought them to the brink of their record.

Inflation is expected to accelerate in the coming months on the back of the Trump administration's import tariffs.